Europe Markets Close Mixed;
Telecoms Drop as Utilities Rise

LONDON -- European shares closed mixed Tuesday as telecommunications stocks fell, while utilities bucked the negative trend. A public holiday in several European countries kept volumes low.

Investors are increasingly worried about the prices that telecoms are paying in the German auction for third-generation UMTS licenses. After 144 rounds Tuesday, total bids reached 81.6 billion marks, far exceeding earlier estimates that the auction...